Capricorn Energy Adjourns Meetings for DNO Offer After Favoring Genel Bid
Capricorn Energy PLC (LSE:CNE) has indefinitely adjourned the court and general meetings required to implement a takeover proposal from DNO ASA (OSL:DNO). The decision follows the board's withdrawal of its recommendation for the DNO offer in favor of a rival bid.
The adjournment marks a key development in the ongoing takeover process for the company. Capricorn Energy PLC originally agreed in July 2026 to a recommended acquisition by Genel Energy No.9 Limited. After DNO ASA launched a competing offer in September 2026, Genel Energy No.9 Limited responded with an increased proposal, prompting the board to support the higher offer and suspend meetings related to the DNO bid.
Investors will monitor progress regarding shareholder approval and regulatory steps for the recommended Genel offer, as well as any potential future actions from DNO ASA.
Key points
- Capricorn Energy PLC indefinitely adjourned court and general meetings for the DNO ASA takeover offer.
- The board withdrew its recommendation for the DNO ASA bid after receiving an increased offer from Genel Energy No.9 Limited.
- Genel Energy No.9 Limited originally agreed to acquire Capricorn Energy PLC in July 2026 before raising its offer in September 2026.
- Shares of Capricorn Energy PLC traded at 427.1 GBX, up 0.03%, while DNO ASA Class A shares rose 3.18% to 22.04 NOK.
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How we writeDisclaimerQuestions and answers
Why did Capricorn Energy adjourn the meetings for the DNO offer?
Capricorn Energy adjourned the meetings after its board withdrew its recommendation for the DNO offer to support an increased rival bid from Genel Energy No.9 Limited.
What is the current status of the takeover bids for Capricorn Energy?
Capricorn Energy's board recommends an increased acquisition offer from Genel Energy No.9 Limited, having paused shareholder meetings for the competing proposal from DNO ASA.